The bad news keeps coming from every part f the country and from every sector of the economy. Unfortunately for millions of families hoping to stop foreclosure and save their homes though the President's Loan Modification Program hope seems to be fading away.
Unemployment rates keep claiming and big companies keep filing for bankruptcy every day, being General Motors one of the most recent victims. This will translate in many more thousands of families losing their income and their ability to afford their monthly basic obligations, and in turn they will not be able to stop foreclosure or afford their mortgages obligations as well.
When you don't have a job, there's nothing you can do to stop foreclosure because you just can't afford your monthly mortgage payments any longer. More homes being foreclosure means more properties in the market, and in consequence prices will keep going down, everybody is affected and the circle goes round and round.
The efforts of President's Obama to alleviate the foreclosure crisis are not helping over 80% of the families to stop foreclosure. The intentions are good, but as usual the good will get traps in the bureaucracy and in the red tape and the families who need the help the most never have a chance.
There are so many requirements and requisites that most of the families fighting to stop foreclosure and save their home can't even get pass the basic requirements to be considered for the Plan. This is a shame and it is not supposed to be happening at this point.
For some reason, the same story keeps repeating itself, and after the big banks bailout, the same banks are the ones to receive most of the 75 billion dollars included in the program in the form of incentives to work with homeowners, and the worst part is that even though they're getting millions dollars in incentives, they're only working with the mortgages that make sense for them financially. Everybody else is left out of the ball.
The families that will not qualify for the Obama's Loan Modification Program at this point still have the opportunity to stop foreclosure and save their homes; they still have a chance even if they are unemployed or have not income at all. They can use some strategies in order to stay in their homes for a very long period of time in some cases over two years and a half. But they need to know how to proceed every step of the way.
To stop foreclosure your best approach at this point is to work with your lender to get a repayment plan of your late payments. This will not feel as the most attractive solutions but the idea here is to stop foreclosure and delay the process to apply other alternatives later on. But you need to be cautious; you need to know how to deal with your lender at this critical point.
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